Finance Minister Sheu Yu-jer (許虞哲)

Citing Japan, which has an 8 percent consumption tax refund for foreign visitors as an example, Chiang said at a legislative committee hearing that Taiwan should lower its current purchase threshold of NT$2,000 (US$66.67) for a 5 percent refund in consumption tax.

Doing so will help boost purchases by foreign visitors in Taiwan and help create additional revenue for the national coffers, Chiang said.

In response, Finance Minister Sheu Yu-jer (許虞哲) agreed to assess the proposal and come up with a report within a month.

According to Finance Ministry officials, a low threshold does not necessarily result in foreign visitors buying more and the current rate is in fact a reduction from the previous level of NT$3,000.